Crypto Giant DCG Warns Senate: Pass Clarity Act or Lose Ground to Singapore, UAE
Bitcoin Magazine
Crypto Giant DCG Warns Senate: Pass Clarity Act or Lose Ground to Singapore, UAE
Crypto investment firm Digital Currency Group is the latest big name to throw its weight behind the Clarity Act.
In a statement posted Wednesday, the conglomerate said that the current draft of the long-awaited bill “offers exactly the kind of certainty our industry needs to grow and thrive responsibly.”
A number of lawmakers are hoping the Clarity Act — which would set in stone crypto regulation in the U.S. — gets passed before Congress departs for August recess. While the bill has been drafted bipartisanly, some Democrats are unhappy with the current version.
“The bill is the product of serious negotiation and reflects genuine compromise from industry, advocates, and members on both sides of the aisle,” the statement read.
“The competitive stakes could not be higher. The United States has long been the global center of technological innovation, but we are ceding ground at an alarming pace,” it continued, adding that “talent, capital, and innovative companies” are looking to countries like Singapore and the United Arab Emirates to set up shop.
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